This is a good idea, just remember this is a bit discretionary, and you need to allow lots of room, this doesn’t allow really tight SLs.
I was thinking 50 pips was liberal…I’m finding the opposite. I’ve actually been using the macfibo strategy for entry, but using much larger stops/limits.
For example, I entered this morning at 1.9188 it proceeded to drop and I cut the loss at 35 because it looked the trend had reversed…and so far that’s true as it’s down to 1.9133. So, I’m waiting for the next uptrend to get in.
don’t ask my why, I don’t know the reason, but both EN and GN is going down now. EN should target 1.55, GN 1.9 and below a bit. just a view. I have a long order around 1.8920 and 1.54
The 1.9020/30 has been strong support on GBPNZD, so, if broken and then past 1.9000, price could breakout a good ways down. It has never, ever been below 1.8541. I think, eventually price will go back up a significant amount of pips from 1.9000, if it goes that low.
Look at this charts, they show why they are going down.
I would expect a break above the 1.93200 level on GBPNZD to think that it is going to reverse up to its +1sd
or a break below the 1.90000 can show a temporary downtrend up to its -1sd about at the same place as pipcompounder said.
I currently enter all trades at 100 pips for the SL. No more tight SL, 50 works for me for a bit but it’s getting tight on the daily swings…
BE hit as GBPNZD is going back down…the hour chart shows the tops of the wicks are very orderly going down, so I’m putting a trendline on those, just to see if it continues to be respected.
when do you move your stop to BE?
I’m trailing the pair with 161.8 % of daily ATR, and that seems to be good for trailing stops, but don’t know what is a good way to move the stop to BE.
Maybe when some near resistance is broken then the stop should be moved to last support (for uptrend).
Edit:
Look at this chart. I’m using the default zigzag indicator on 1h to define potential stop loss places.
I did when the price was 70 pips up because the trend wasn’t very clean. It is still sitting on top of the previous highs, I think it may be poised for breakout. NZD news gets released about this time everyday, and it really moves the kiwi.
One idea is placing stop entry orders at the top and bottom of the recent consolidation.
If I had gotten a lower entry on the buy, I wouldn’t mind just letting the buy sit there.
Price is now at 1.91000…big round number…100 pips below is very large resistance. This may not be a bad place for a buy entry, with a 100 pip SL…I’ll think about it…
You could use stops like that, just don’t forget the spread, it can be 20 pips on my platform, normally 8 pips…
I think a buy at 1.9100 isn’t a bad idea with the SL just below 1.9000, which is the lowest point recently.
I’m attaching the last version of trend me leave me. It had a bug in the MM. Short trades always used static, 0.01 lots, while Long trades used the MM OK
Also added some code to show the spread, the current lot for MM, the version, the contact and trailing stops
TrendMeLeaveMe.zip (99.2 KB)
Maybe this pair just isn’t for me. Just got stopped out for a loss of 91 =(
Sitting on the sidelines may the best thing until price breaks out, which it seems to be going into a triangle…if it continues to range more narrow, we can bracket it with stop entry orders. The bottom of the triangle is pretty much flat, and the top is sloping down.
Also, I just drew some fibs, which are very well respected, and we have very good confluence for a bullish harmonic pattern at 1.90000/1.89090…so entering a limit buy order at 1.90000 isn’t a bad idea.
I agree with Pip here, try sitting out a few rounds of trade. Come back fresh when there is a nice break out.
As far as the re-entry to go up. I concur on 1.90000, I might do a small on 1.901000 to long… as of 2 hrs ago it’s hit lows of 4 months… expecting to see the bounce soon unless there is other news?
EDIT:: I will not enter the buy entry until later tonight for further candle confirmation.
Yeah, I see the triangle too. It hasn’t been this low since August and prior to that it was February.
The reason I got in before was I thought it might be breaking out. I’ll wait and watch for now.
I’m inside gbpnzd and gbpaud. Both sorts. I think the long is not very good idea now, but short trades are best. The euro is in downtrend, also the pound, while the aussie and the kiwi are stronger.
If you check the fibos on gbpnzd you will find the the last uptrend was only a retrace on a downtrend. The retrace was of 38.2%, that means very strong downtrend to follow.
Medi or pip,
Can you guys confirm this for me? Based on what I’m seeing on the 1H chart we should experience a little bit of an up, then back down. I know most of you guys don’t use EMA as analysis and confirmation tools but on the 1H it looks like the end of the down trend as of 1 candle ago. Can anyone verify if we can enter another short later tonight? I did the trendline on it on 1H and it seems to be agreeing with my EMA?
Yeah, I noticed the .382 retracement and then when it went back down I thought it might hit that support level of 1.90ish and bounce up…so far, not so much.
EDIT: I entered at around 9:00pm PST at 1.9064. I had an EMA cross (from the MacFibo strategy) on the 1 hr TF so I figured I’d go ahead and get in - especially since it spiked through 1.90 and then had 3 periods of long candles. So far still flat.
Any thoughts out there on this?
Funny part is my EMA on 1Hr hit it right on the money… I should have trusted that haha (next time)